Bitcoin

Report: Bitcoin (BTC) Transactions Fees Witnesses New Lows

Last year has been no less than a rough roller coaster for Bitcoin (BTC) and the whole of cryptocurrency market, with constantly fluctuating prices and several names in the industry trading in their Bitcoin holdings to be on the safe side. And now the Bitcoin transaction fees are dropping as well.

According to a report published by crypto and blockchain research firm Diar on Feb. 11, Bitcoin transaction fees are hitting new lows. Despite the fact that BTC transactions struck a high point in January almost reaching the levels registered in 2017, the median transactions value in BTC, have reportedly dropped.

And now the BTC median fees have decreased to the same level as they were back in 2014.

Median Fees are also at levels not seen since 2015 despite the total monthly Bitcoins moved on-chain standing at higher levels than seen throughout most of 2018.

Only last month cryptocurrency exchanges closed 2018 with “record transacting volumes,” according to Diar’s previous report. The combined trade volume of the U.S. dollar (USD) markets on the major United States crypto exchange Coinbase, reportedly increased by 21 percent in 2018 as compared to 2017.

In the same period other cryptocurrency exchanges like Kraken and Bitfinex witnessed increases of 192 per cent and 50 per cent respectively.

However, 2019 brought with it a dip in the trading volumes on cryptocurrency exchanges. Such a dip was last seen back in 2017. The period reportedly proved to be the worst for the world’s leading crypto exchange by adjusted trading volume, Binance, as its BTC/USD market reduced by more than 40 per cent in comparison to December 2018.

Lets see if the BTC transactions fees see a rise later in 2019. For further updates, stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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